The Amendment to the existing legislation now makes provision for the publication of a list of designated entities by the Security Council of the United Nations.

The Bill also provides a procedure for financial institutions to adopt once it receives the list of designated entities.

The legislation now makes provision for procedures to be followed when a financial institution receives the list of designated entities and reporting requirements as well as Compensation.

Leader of Government Business, Gregory Bowen in tabling the bill informed Parliament that the amendment to the legislation is also being done in other regional countries.

Bowen, the Minister of Works said that the amendment made is an attempt to stop every available avenue to eliminate terrorist financing and money laundering,

“They (other regional states) too have to comply with the legislative adjustment as the region put the structures in place to ensure that companies, non-government organisations, charities, fraternities and groups of a similar nature are not used to finance terrorist activities,” he told Parliament.

The Terrorism Act No. 16 of 2012 was amended earlier this year to list 23 suspected terrorist organisations as “outlawed in Grenada.”